Below are the 4 most recent journal entries recorded in millard58potter's InsaneJournal:

Friday, April 23rd, 2010
1:50 pm	Significant Provisions From The CARD Act of 2009 On February 22, 2010 the Credit Card Accountability Responsibility and Disclosure Act of 2009 took effect. The CARD as it is more popularly known, is a thorough credit card reform legislation that is supposed to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan as well as for other purposes. Even with the current economic political climate this bill pass both the House of Representatives and Senate with high bi-partisan support. This bill outlines several provisions which are for the main benefit of consumers. One of these important provisions is that consumers are now protected from arbitrary rate hikes. A card company must give a cardholder advance notice of 45 days before any interest rate increase. A cardholder then gets the choice to cancel their card and settle the balance at the previous lower rate. Cardholders have up to 3 billing cycles to make the most of this alternative. It is possible to remove a charge off on credit report. Credit card issuers can no longer charge interest on debt that's paid within the grace period. This prevents the issue of double cycle billing. A credit card company is now also prohibited from assessing fees on any interest-only balances of a cardholder. If a cardholder pays their bill punctually, they have paid the principal for the billing cycle and they should not get any more fees on the interest portion of their balance. If a consumer has been subject to a rate increase resulting from late payments or overdrafts, nevertheless they subsequently pay their bill by the due date for six consecutive months they are going to now get their previous lower interest rate restored. Creditors must also conduct an evaluation of the payment history of the customer every six months to check if a rate decrease is in order. Cardholders should now be receiving their bills no less than 21 calendar days prior to the due date. Prior to the CARD act the requirement was just 14 days. If a payment is made before 5 p.m. EST on the due date it is considered timely. The due dates are now required to fall on the same day every month, with the delay to the next business day if it happens to fall on a weekend or legal banking holiday. If you need to remove repossession just remmeber it can be done. Just about all terms and conditions of the card should now be incorporated on every statement in a minimum size font that improves readability. There should no longer be any fine print. Also, the information about how to make contact with your credit card company for information regarding your account will be included on every statement. Some other ramifications from the bill includes offering consumers the option of having a fixed credit limit of their choosing that can't be exceeded along with a prevention of card companies form charging over-the-limit fees on a cardholder with a fixed credit limit. All credit card payments above the minimum payment will be applied to the debt with the highest interest rates first. And there are definitely more positive provisions for consumers. The CARD act will protect consumers from a few of the arbitrary and unfair practices from credit card issuers that have happened previously. (Comment on this)
1:10 pm	Three Surprising Benefits To Credit Repair When an individual tries to get a credit for a house or a loan on an automobile they are usually aware of how vital their credit report and credit score can be. A lender can charge a higher rate or even refuse credit altogether based upon what is showing on the credit report and the credit score. Also you can find information about how to remove repossession from credit report online. But there are also some further and lesser-known benefits to having a superior score and a clean report. These are things that most folks are most likely not even alert of. For those who have any credit cards you need to be concerned about keeping a good credit score and having a good credit report. Credit card issuers will use any explanation that they can find to increase your rates. After you become a cardholder they can keep an eye on your credit and if they see that you have late payments showing, even if you have never been late on a payment owed to them, they can raise your interest rates. Your introductory rate could double or even triple. Any problem showing on your credit report is a adequate rationale for them to inflate your rates. Often times erroneous and inaccurate information can show on your report and your rates will be unjustly jacked up. It is smart to repair any troubles that you see on your report as soon as viable for this rationale. One more clear motivation to have a good credit is to help you find a job. A likely employer can call to see a copy of your credit report and it is officially permitted for them to not hire you based upon what is showing on that report. However, not every background check requires a credit inquiry and they must have special authorization from you to retrieve your credit score. To remove bankruptcies works the same way. In case you are one of a few similarly qualified prospects it is likely that your credit rating could become a deciding issue. In these times of monetary confusion it is necessary to make sure that you sustain each benefit you may have in the job market. The next astounding reason to have a excellent history is that insurance companies have done their research and they have determined that drivers with bad credit file 40% more insurance claims. To them that means that if you have bad credit you could be deemed riskier to them as a policyholder. It is estimated that 90% or more automobile insurance companies use credit reports as an underwriting tool. While none of these things seem equitable or fair the reality is that good credit is more critical than most of us appreciate. If you have good credit do whatever is essential to continue it and if you don't you can take steps to improve or repair your credit. (Comment on this)
Friday, April 2nd, 2010
2:31 pm	Mend Your Credit Score Following Bankruptcy No one desires to file for bankruptcy. It carries such a depressing stigma and most folks want to follow through with their obligations. On the other hand, when your economic state is in a downward spiral and you are no longer able to keep up with your payment schedules you may be better off to just file for bankruptcy and begin again. Being behind schedule on credit payments and not being able to catch up can cause a great amount of stress. Collectors calling you at all times and knowing the cash is not there affects not only your finances but also your long-term physical condition. You must also bear in mind that delinquent payments will remain on your credit report for 7 years or more just like a bankruptcy. To gain more with regards to credit repair services pay a visit to my personal weblog. A bankruptcy may be the best answer. You may believe that it is the absolute last resort but the truth is a new beginning can lessen the stress and get you started back in the right direction. Starting again can help you to take care of the other considerations like your income and job condition rather than worrying about making payments that you are not able to make. Of course, a bankruptcy will stay on your credit report for 7 to 10 years but so will the delinquent payments. Both are disadvantageous to your credit but with the bankruptcy you can start again and try to make things better, while with late payments you will just be getting farther behind and you will stress more. Also, with each passing year, your financial life gets better and easier. The longer it has been since the bankruptcy, the simpler it is to get new credit. To find more concerning remove bankruptcy credit report pay a visit to my personal website. A bankruptcy may be the best alternative to turn around a derogatory financial situation. It does have a negative stigma and may be considered to be the last alternative but when you start anew you can begin to reconstruct rather than just keep trying to catch up. Immediately following a bankruptcy you can start to reconstruct your credit. You in all probability will not be able to get a usual credit card or loan but you can start with a secured credit card or a small loan from your local bank or credit union. You may also have to pay a higher interest rate but if you only borrow a small amount that shouldn't affect you too much. Just make sure that you pay regular payments for at least 3 to 6 months and always be on time. If you opt for a secured credit card you will be required to put $500 to $1000 into a savings account, which will be used as guarantee for the credit. This is an exceptional way to start to rebuild credit and many credit card companies present this kind of card. Your credit will begin to improve straight away as you begin to take these steps. It will take some time but you will be making improvement. Filing bankruptcy may not be your first choice of action but if you are drowning in late bills it may be the only reasonable solution to turn your financial life around. (Comment on this)
Wednesday, March 31st, 2010
12:28 pm	Fixing Your Economic Life Via Credit Repair In the current economy there are many people who have suffered credit troubles. Everyone wants to have great credit but every so often we all have unanticipated situations. Credit tribulations are troublesome for individuals because it can be difficult if not impossible to get credit, if you do manage to acquire credit you can be charged a higher interest rate or you may have to put down more collateral than customary. There are a few actions you can take though, that can start you on the way to superior credit. The initial thing you have to do is to obtain a credit report from each one of the big three credit reporting agencies in the United States. You can get one credit report each year for no cost from each or you can buy a tri-merged credit report that has all three reports in one. When you have your credit report, you need to check it meticulously for correctness. It is very uncommon that a credit report is absolutely correct as it is estimated that as many as seventy nine precent of all credit reports have incorrect information. You have the right to dispute anything that you believe may be an error or anything that may not be entirely correct. You must do whatever you can to make sure that it is correct. Your credit score is a lot more essential than you might know, therefore for additional information regarding credit repair attorney and just how to remove repossessions off your credit rating, check out my weblog today. Back in the 1970's the Fair Credit Reporting Act was enacted to protect consumers. This law gives you the right to dispute anything that you consider to be erroneous or inaccurate on your credit report. Since the credit bureaus do not make money by dealing with disputes a consumer actually has an advantage when it comes to disputing credit listings. If you put forth a good case you have a good chance of getting the information removed. While you are disputing the erroneous listings it is also smart to start rebuilding some good credit. A large percentage of your credit score is actually how much credit you have accessible compared to how much credit you have utilized. Repairing your credit can be completed; you just need to take the steps to get started. If your job and financial circumstances are in order but you still have bad credit now is the time to do what is needed to repair your credit. (Comment on this)